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First time buyer mortgage options

Your home may be repossessed if you do not keep up repayments on your mortgage

Choosing the right mortgage

As a first-time buyer you're approaching one of life's big milestones.

There are a range of mortgage options available to you. We have a first-time buyer guide to give you a better idea of all the things you need to consider to make your home buying journey as simple and stress-free as possible.

Different mortgages explained

There are a huge number of mortgages available nowadays. Our dedicated mortgage advisors can help you choose a mortgage to fit your personal circumstances. Some of the mortgages we offer are explained below.

Fixed rate mortgages

Yorkshire Banks first-time buyer mortgage is an example of a fixed rate mortgage. Interest rates can go up and down, but by taking out a fixed-rate mortgage you have a set period of time in which you know the rate won't change. If rates go up, your monthly payment won't rise but if rates go down you won’t receive a reduction in your payment. This type of mortgage can help with financial planning, as you know exactly what your payments will be for the set period of time you opted for.

Variable rate mortgages

With variable rate mortgages the lender may change the rate at any time. If the Bank of England base rate was to change, so may the rate of a variable rate mortgage.

Tracker mortgages

Tracker mortgages generally track the rate of interest set by the Bank of England (base rate). If the rate rises, so will the amount you repay and your monthly payments. If the base rate falls, your repayment amount and monthly payments will too. With a variable rate mortgage you should be sure you could still afford your payments if the interest rate rises. Our guide can offer more advice.

Discounted SVR mortgages

A discounted SVR (standard variable rate) mortgage offers a variable rate mortgage which has an initial discount. For a set period the rate you pay will be less than the lender's normal variable rate but could still go up or down.

Offset mortgages

An offset mortgage lets you use the money in your current and savings accounts to reduce the amount of interest you’ll be charged on your mortgage. All you need to do is link your eligible Yorkshire Bank savings and current accounts to your mortgage, and you won’t be charged any mortgage interest on the value of your savings.

When you link an eligible account to your mortgage, you offset its balance against your mortgage balance. So you’re only charged interest on the difference between the money in your account and the amount you owe on your mortgage. Interest is also calculated daily. The result: For repayment mortgages this means you could repay your mortgage earlier.

You won’t earn any interest on your savings when they’re linked to your mortgage, but you’ll still have the same access if you need to take some money out. The more money you have in credit balances, the more interest you will save.

Our offset mortgages are available on a discounted variable rate. This means your interest rate can vary, so your payments will decrease if there is a downward movement in interest rates. However, if interest rates rise so does the amount you have to repay.

Practical help

It's important that whatever home you decide to buy is affordable. The mortgage calculator can give a rough idea of how much you can afford to borrow. You’ll have to budget for more than the asking price. Our guide to the hidden costs of buying a home contains information about some of the additional expenses that can arise.

The home buying timeline can give you an idea of what's coming next and how long the whole process can take. Planning ahead using the timeline will allow you to stay in control of the process and anticipate what steps to take next.

Talk to someone

Our mortgage advisors will be able to give you advice on which mortgage suits your needs best. You are free to apply for any of our products but you'll only receive the first time buyer rewards package if you apply and are approved for our first-time buyer mortgage. We believe finding your first home is an experience you should enjoy and we're dedicated to making sure that is the case for you.

More help with mortgages

Girl planning her new home

The mortgage process

Yorkshire Bank's mortgage support will make the mortgage process an easier journey for you.

Find out more about the mortgage process


Financial aspects of owning a home

Tools and guides to help you understand the financial journey to your new home.

Find out more on the financial aspects of owning a home

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Buy-to-let mortgages explained

Is a buy-to-let property the right investment for you? Find out with our examination of the many aspects involved.

Find out more on buy-to-let mortgages

Interested in a mortgage?

Your next steps

Give us a call

  • If you've got any questions, get in touch.

    New Mortgage customers

    0800 023 2201

    Mon-Fri 8am-8pm, Sat 9am-5pm and Sun 10am-4pm

    Existing mortgage customers

    0800 121 4203

    Mon-Fri 8am-5pm